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VEST v. C. I. R.

No. 72-2283.

481 F.2d 238 (1973)

Earl VEST and Fay Vest, Petitioners-Appellees-Cross Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellant-Cross Appellee.

United States Court of Appeals, Fifth Circuit.

Rehearing and Rehearing Denied August 8, 1973.

Attorney(s) appearing for the Case

Scott P. Crampton, Asst. Atty. Gen., Meyer Rothwacks, Atty., Tax Div., U. S. Dept. of Justice, Washington, D. C., Lee H. Henkel, Jr., Acting Chief Counsel, William Brackett, Internal Revenue Service, Washington, D. C., Stephen Schwarz, Atty., Tax Div., Dept. of Justice, Washington, D. C., for respondent-appellant-cross-appellee.

William Monroe Kerr, William L. Kerr, Midland, Tex., for petitioners-appellees-cross-appellants.

Before GEWIN, SIMPSON and RONEY, Circuit Judges.

Rehearing and Rehearing En Banc Denied August 8, 1973.

GEWIN, Circuit Judge:

This appeal is from a decision of the Tax Court holding (1) that the grant of underground water rights by taxpayers, Earl and Fay Vest, was a sale and the proceeds were entitled to capital gains treatment and (2) that payments received by the Vests for the grant of various surface rights incident to a mineral lease were in the nature of rent and hence were taxable as ordinary income...

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